Ditech ( Formerly Green Tree )

Information

Ditech ( Formerly Green Tree )

All about Green Tree short sales.

Members: 465
Latest Activity: Oct 27, 2022

Green Tree Short Sale Information

 

 

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Website: https://www.ditech.com/

Ditech Short Sale Package

Loss Mitigation - 855-395-8566

Recovery Dept.    800-643-0202

Direct SS FAX for Authorizations and packages.Fax is 877-612-2422

 

Short Sale Fax 1-877-612-2422 or 1-866-870-9919.

Alternate Fax 1-877-612-2422


Alternate Number 1-800-474-3918 - Short Sales

[email protected]

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[email protected]

ESCALATION: CORPORATE COMPLIANCE DEPT.  The office number is 800-839-9188 and the fax number is 866-210-6192. 

Discussion Forum

seller incentive with 2nd?

Started by Luther Fisher. Last reply by Luther Fisher Feb 21, 2019. 2 Replies

I've got a situation where it appears we will have to do a short sale. 1st is with PNC and 2nd is with ditech. The ditech 2nd would have to take the discount. Would there still be any incentive…Continue

Ditech SS apprival letter gives 7 days to close

Started by Jackie Gonzalez. Last reply by Ben Benita Jun 16, 2017. 3 Replies

This is the 2nd time the seller's agent gave a ss approval letter with a 7-day approval to close. Need at least 2 weeks to close. Bank has list of work that needs to be done and title company wont…Continue

FNMA/Ditech counter offer too high

Started by Jackie Gonzalez. Last reply by London Cox Aug 29, 2016. 4 Replies

The present buyer is backing out due to too high counter offer. The house was listed at $181k and is now at $134,500 after 5 months on the market and no offers. Needs extensive work due to deferred…Continue

Short sale after the association foreclosed on the property.

Started by Russ Trinidad. Last reply by Russ Trinidad Jun 5, 2015. 3 Replies

Does anyone know if this is possible? The property is a townhouse in Hawaii. The association foreclosed on nonpayment of maintenance fees. It’s a fannie mae owned loan and serviced by green tree.…Continue

Comment Wall

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Comment by Maria Evans on April 9, 2010 at 10:49am
Louise, I have closed last month with GT as second. They wanted 5% which would be $16,000 but end up accepting $10,000. They were getting $8500 and at the last moment the 1st (Indy) agreed to give extra $1500. Ask the 1st one to give a little more to make everybody happy. It worked well and we closed!
Comment by Bryant Tutas on April 9, 2010 at 10:18am
Guys all of the HAFA guidelines are posted on this site in the HAFA group. Please everybody read the guidelines.
Comment by Ben Benita on April 9, 2010 at 10:11am
I would Google "HAFA" for the details on that program. I was on a conference call with B of A, Wells Fargo, and Freddie Mac executives (cost $150 just to listen in), and they sent us a print out of the hAFA details, one of which was that 31% payment (as you noted, not EVERYONE had to pay, but, if they could pay, they MUST pay), and, that the borrower MUST first qualify through the HAMP program in order to qualify for HAFA.
Comment by Barbara Pedersen on April 9, 2010 at 4:32am
Ben, thank you so much for your response!

In the meantime GTS came back and agreed to the short sale without doing the loan mod first (which is compliant with the provisions of HAFA I cited below). That was the victory!!!!

Now I have another problem: they did not say if they are going to do the short sale under HAFA or not.
I thought that HAFA is good for the borrowers because it relieves them from liability for deficiency forever. So I thought that we should ask for Alternative RASS.
Now I hesitate because you are saying that you do not recommend HAFA. What are your other reasons? If the borrower can prove that they are not able to pay their 31% of gross (after all they do sell short because they do not have money) - what then?
Can the servicer really require the payment from borrowers? Ben, what is the source of your information? Did I miss something?
What are other implications of HAFA?
I need to know more.
Please, help.

Thank you very much in advance.

Barbara
Comment by Ben Benita on April 8, 2010 at 5:42pm
Barbara, Servicers are pushing for HAFA b/c they get PAID to approve HAFA short sales and make more CAHSOLA with HAFA short sale approvals.
We do not currently recommend Seller's to go through HAFA b/c they are required to try and qualify for HAMP, and, MOST (through there are a few exceptions) are REQUIRED TO PAY UP TO 31% OF THEIR GROSS INCOME DURING THE SHORT SALE PROCESS....HA...complete BS!!!!
Call the corporate office for Greentree in Minnesota, gently ask them to get their heads OUT of their _________ and help you get your short sale done!!!!
:-)
Comment by Barbara Pedersen on April 8, 2010 at 3:29am
Good morning Everybody,

I posted this in HAFA group but got no response. Because the loan is serviced by Green Tree I decided to post it here. Maybe somebody can help?

Here is the scenario:
My clients have an executed contract that was submitted to the servicer, together with a short sale package, back in March. The servicer is Green Tree Servicing, 1st lien, no 2nd.
The borrowers never tried for HAMP, decided to short sell from the very beginning. They have legitimate financial hardship. They do not want to modify.
However, GTS came back to us on the 6th of April and said that the borrowers must be considered for HAMP first.
As per Supplemental Directive 09-09, if there already is an executed contract in place, the borrower can fill out the Alternative Request for Approval of Short sale
I am citing from the Directive:

“Alternative Request for Approval of Short Sale.
If the borrower has an executed sales contract and requests the servicer to approve a short sale under HAFA before an SSA has been executed, then the borrower must submit the request to the servicer in the form of the Alternative

Request for Approval of Short Sale (Alternative RASS), attached as Exhibit B.
Upon receipt of the Alternative RASS, the servicer must determine the basic eligibility of the borrower as described in the HAFA Consideration section of this Supplemental Directive.If the borrower appears to be eligible and was not previously considered for a Trial Period Plan, the servicer
must notify the borrower verbally or in writing of the availability of a HAMP modification and allow the borrower 14 calendar days from the date of the notification to contact the servicer by verbal or written communication and request consideration for a HAMP modification. In addition, the servicer must verify the borrower’s financial information through documentation and obtain a signed Hardship Affidavit from the borrower prior to approving the short sale.
If the borrower does not wish to be considered for a modification, the servicer may consider the Alternative RASS in accordance with this Supplemental Directive without first having to enter into an SSA with the borrower. If the servicer approves the short sale, then the loan will qualify for the HAFA program. A borrower may not participate in a HAMP Trial Period Plan and agree to a HAFA SSA simultaneously. In addition, the servicer must collect and report the information required under Supplemental Directive 09-06 prior to reporting any HAFA information required by this Supplemental Directive”

My question is: am I reading it right? Can my clients be considered for a short sale without going through the modification process within HAFA? They will refuse the modification anyway and in the meantime, if the servicer insists on an unnecessary modification first, we are wasting valuable time. The buyer must close by June 30 in order to get tax credit and we are pressed for time.

So far it seems that Green Tree Servicing does not know what to do. My negotiator had to e-mail their negotiator the Directive for their review, tell them about Alternative RASS, and we are anxiously waiting for their response.

Since you are the most knowledgeable agents in the short sale universe - what do you think?
Any comment, advice, concept, idea would be extremely helpful and thank you in advance.
Sorry for a long post.

Barbara Pedersen
Comment by Ben Benita on April 8, 2010 at 12:53am
tell the Sellers have no cash and can pay nothing (reference the hardship letter). If you want to be aggressive, put in something like:

"Please let me know ahead of time if paying back any balance is a requirement so I do not waste my time or my Seller's bothering with a short sale."
I do not generally suggest getting aggressive with the lender initially, BUT, you may be surprised at the response.....
Best of luck, Greentree is a real pain in the _______ to deal with.
Comment by Christopher on April 7, 2010 at 12:42pm
Hello All,
I'm currently filling out GT's short sale package and will fax tomorrow but on there hardship letter they state to "Detail on how the customer plans to repay the remaining deficiency balance on this account", GT is the sellers 2nd and BofA is the first. Has anyones seller actually stated how they would pay GT/Investor back or did you guys just disregard that part? any help would be appreciated. This is my first run with GT
Comment by Louise Dela Cruz on April 6, 2010 at 11:07am
I submitted a short sale to green tree and was assigned a negotiator. On March 11th the negotiator, Christine Sekey, told me they wanted 5% of the purchase price, the total loan balance is $89,500.00. The 5% they want is $12,500.00.
Despite this, the bpo was ordered. They are insisting on the 5% despite the fact this is an aquisition loan. I was told the investor will "write it off and issue a 1099". Is anyone closing these seconds with green tree??
Comment by Dave Gubler on April 5, 2010 at 11:53am
Now I just have to squeeze another $1,367.00 out of sr. lienholder in time to close before 4/26/10. Wish me luck!
 

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